THE Makati Regional Trial Court (RTC) has granted the joint motion filed by the Philippine Deposit Insurance Corp. (PDIC), LBC Express, Inc. and LBC Development Corp. to postpone the pre-trial to give time for the parties to discuss an amicable settlement.
In a disclosure to the stock exchange, LBC Express Holdings, Inc. said the Makati RTC Branc 143 moved the pre-trial to Sept. 6, 2018.
“With the granting of the joint motion to suspend proceedings, the parties would have the opportunity to amicably settle and resolve the case,” the company said.
In 2015, LBC Development Bank, which is represented by the PDIC, filed a case against LBC Development Corp. and LBC Express to collect around P1.8 billion in unpaid service fees.
Also tagged in the case is LBC Properties, Inc., and individuals Juan Carlos Araneta, Santiago G. Araneta, Fernando G. Araneta, Monica G. Araneta, Carlos Araneta, Ma. Eliza G. Berenguer, Ofelia F. Cuevas, Apolonia L. Ilio, Joseph Jeffrey Rodriguez, and Arlan T. Jurado.
On Wednesday, shares in LBC Express Holdings, Inc. closed at P14.98, up 2.60% or 0.38 points. — D.A. Valdez
THERE is a new array of dining destinations on the eastern side of the metro. As it is, the City of Marikina and neighboring areas in Rizal are already on many foodies’ must-visit lists. From the larger food hubs and parks, to hole-in-the-wall restos, the east of the metropolis has managed to carve a name for itself as a foodie haven.
At the Sta. Lucia East Mall alone, one can find many unique, homegrown food concepts.
“As the pioneer in the mall industry in this side of town, Sta. Lucia East Mall houses a growing number of traditional and new concept restaurants. Our market is used to having quite a number of food options here and that’s why we have to regularly give them something new to try and enjoy,” explained Sta. Lucia East Mall vice-president for operations Zaldy Santos in a release.
“The goal really is to ensure that mallgoers will have enough choices given the highly dynamic environment that we are now seeing in the retail industry. At Sta. Lucia Mall, we make sure that whatever budget you have, there’s always something for you to enjoy,” she said.
The shopping center located at the intersection of the Marikina-Infanta Highway and Felix Ave. in Cainta, Rizal, opened in 1991 and has since become a landmark.
As the mall marked its 27th year, new restaurants have opened to provide fresh options to customers.
Among these are Estela and Kalye Unligrill.
Estela Restaurant Bar & Lounge is owned by celebrity couple Gladys Reyes and Christopher Roxas. Located along Brickroad, Estela serves a variety of cuisines, from Filipino and Italian, to Spanish and French. The casual dining restaurant’s interiors have an industrial vibe.
At Kalye Unligrill, customers grill their own food Pinoy-style. It takes familiar street food such as isaw, to the next level, while offering this wide food assortment at affordable prices.
Then there is Maria’s, a cozy nook that offers comfort food any time of the day. Located at Il Centro, Maria’s serves breakfast, lunch, and dinner.
Other food choices at the mall include The Dimsum Place, Kuya J’s, and Pedro and Coi.
For details visit Sta. Lucia Mall’s Facebook page.
FACEBOOK, INC. launched a matchmaking system Tuesday to cultivate partnerships between advertisers and video creators as the world’s largest social media company tries to quickly parallel the variety of commercial opportunities offered by its video rival YouTube.
Some advertisers have tested the Brand Collabs Manager, which identifies video makers that may be good fits for product placement or endorsement deals.
Facebook also said it was allowing more content creators to run ad breaks in longer videos, and offer subscriptions for $4.99 a month to fans. Subscribers receive perks, such as exclusive behind-the-scenes footage.
Facebook is not keeping a cut of partnerships or subscriptions during testing, and it is uncertain about eventual fees, company Vice-President Fidji Simo told Reuters in an interview last week.
The company has long been wary of polluting newer experiences, such as video, with ads and paid options. But it has deployed the moneymaking features in recent months after a year in which many videomakers saw their YouTube earnings clipped.
YouTube, part of Alphabet, Inc.’s Google, tightened revenue-sharing policies last year after advertisers including Procter & Gamble Co. expressed concern about automated ad-buying tools that had turned them into sponsors of unflattering content.
Both Facebook and YouTube are racing to attract high-quality content, which would help them win over the $200 billion spent annually on TV advertising globally.
Facebook’s appeal to video makers has been limited by the few opportunities they have had to turn viewership on the service into revenue. For instance, YouTube added a partnership match tool in 2016 via acquisition.
YouTube plans to update its commercialization options later this week as 30,000 members of the online video industry, including fans, gather for the VidCon festival in Anaheim, California beginning Wednesday.
Simo acknowledged that video makers want even more alternatives. Facebook already is testing how to promote new videos as “live events” that could become big destinations for advertising, she said.
Many creators have asked for a tool to sell merchandise they develop to fans, Simo said. For now, Simo said the company plans to do a “small test” this year of selling third-party products featured in videos. — Reuters
LIFE INSURER Pru Life UK is set to offer asset management and trust products after getting the central bank’s approval to establish a trust corporation.
In a statement, the British insurance firm said the Bangko Sentral ng Pilipinas has approved its plan to set up a wholly owned subsidiary Pru Life UK Asset Management and Trust Corp.
“The establishment of the trust corporation will complement Pru Life UK’s insurance business and allow us to provide more value to our customers by offering them a wider range of financial solutions,” Pru Life UK Vice-President and Chief Investment Officer Antonio L. Garces II was quoted as saying in the statement.
Pru Life UK President and Chief Executive Offcier Antonio G. De Rosas said the creation of a stand-alone trust company will provide greater convenience to its clients as they will work with fewer fund managers.
“Our customers, as well as the general public, will also benefit from having more financial planning options with Pru Life UK, whether relating to protection, insuravest, or investments,” Mr. De Rosas added.
Pru Life UK, the subsidiary of international financial services group Prudential plc, has been offering life insurance products in the Philippines since 1996.
It has expanded its reach to over 130 branches in the country with 20,000 licensed agents.
In January, the insurance firm signed a three-year bancassurance partnership with Robinsons Bank, granting Pru Life UK the exclusive right to sell and distribute insurance policies through the branch network of the Gokongwei-led lender.
The IC approved the bancassurance deal in April.
Pru Life UK was the fifth-largest life insurer in the country in terms of premium income as of end-2017 with P19.221 billion, data from the commission showed. — K.A.N. Vidal
FRITATA for breakfast at Starbucks
STARBUCKS Philippines is introducing new breakfast options. There is Soud Vide Egg White with Couscous and Quinoa where the eggs are prepared using the French “sous vide” technique resulting in a velvety texture and a myriad of flavors. Mixed couscous, vegetables, and quinoa served on the side for an extra boost to start the day. Then there is the protein-rich Spinach Mushroom Frittata made with egg whites, spinach, mushrooms, and cheese. There is Berry Chia Overnight Oats, a coffeehouse classic made with whole grains, dried berries, apple, orange peel and flavorful nuts. It’s a breakfast staple that tastes even better with a dollop of butter and jam. Then there is the Berry Chia Overnight Oats which is packed with fiber, vitamins and nutrients thanks to its mix of berries, almond, pistachio, chia seeds, rolled oats, whole milk and Greek yogurt. Visit www.starbucks.ph for the full Starbucks breakfast menu.
Filipino Food Festival
CHEF SAU del Rosario joins Miko Aspiras for a Pinoy food festival.
FEAST ON authentic Filipino food served with unexpected twists and new interpretations by homegrown kitchen superstars chefs Sau del Rosario and Miko Aspiras at the Diamond Hotel Philippines. The Filipino food festival is ongoing until July 1 at the Corniche restaurant for P2,780 net per person. Mr. Del Rosario’s contributions to the buffet include Oyster Ceviche made from Aklan oysters with coconut cream, drizzled with calamansi and sprinkled with homemade chicharon (pork rind) for added crunch; Maya Maya Mayonesa, a delicate classic favorite made from snapper with aioli, capers, black olives, eggs and spices; and Paku with Kesong Puti and Watermelon, a healthy mix of forest ferns served with palm vinegar and salted egg. A must-try is the Crispy Pork Kare-Kare Macadamia, Mr. Del Rosario’s signature dish, cooked with macadamia nuts and truffle oil, and Sisig Paella among many more. Mr. Aspiras brings to the table desserts like Mansanas, cinnamon mousse and Granny Smith apple compote dipped in red glaze decorated with chocolate leaf and twigs; Cherry created from layers of chocolate sponge, cherry mousse and cherry chantilly cream; and Mandarin Cheesecake in Graham crust base garnished with fresh orange segments. At the live station, one can find the hotel’s ensaymada served with flambéed Morada and Rosella. Guests with a minimum spend of P5,000 at the Corniche lunch or dinner buffet will get a raffle ticket for a chance to win a two-night stay in Baguio. Those who spend a minimum of P20,000 get a complimentary overnight stay in a Deluxe Room with breakfast for two. For reservations, call 528-3000 at loc. 1121.
Focus on Pampanga
THE Crimson Hotel in Filinvest City, Manila has an ongoing Kapampangan Food Festival until June 24 at Café Eight. The restaurant’s culinary team headed by chef Marley Flattley partners with Quest Hotel & Conference Center — Clark to highlight the food and delicacies from Pampanga, considered by many as the culinary capital of the Philippines. Among the Kapampangan specialties are sisig, embutido, caldereta and other traditional flavors. The buffet costs P1,514 net and P1,729 net with free-flowing drinks. One can also enjoy Pinoy Pica-Pica on Platter at the Lobby Lounge until June 30. It includes an Afternoon Tea set with the familiar Filipino flavors, delicacies and pastries for P750 net for two persons. Crimson Hotel is along Civic Drive, Entrata Urban Complex, Filinvest City, Alabang, Muntinlupa.
Discount at the Dusit
THE DUSIT Thani Manila is offering a “Your Age, Your Discount” promo until June 30. Guests can get discounts as much as their age when they dine at The Pantry this month. They only need to show their proof of age and avail of the discount on the total bill amount up to a maximum of 50%. Note that senior citizens are entitled to their VAT exemptions on top of the discount; for group dining, the highest discount will apply but will not exceed the 50% discount; and the promo is available from Mondays through Sundays, including Sunday brunch. For reservations call 238-8888 local 8430 and 8838.
Rico’s Lechon of Cebu
RICO’S Lechon of Cebu has been acquired by Meat Concepts Corp., which is affiliated with the operators of Ogawa Traditional Japanese Restaurant, KPub BBQ, Thai BBQ, OPPA Chicken, Modern China & Tony Roma’s. The addition is meant to complement its current roster of restaurant brands in the Philippines. Rico’s Lechon is one of the most popular brands in Cebu and is famed for having developed and first introduced the distinctive Spicy Cebu Lechon. Rico’s Lechon will be opening Manila stores at the Fort Strip BGC, Tiendesitas and Portico in Pasig City, Glorietta in Makati City, Cloverleaf Mall and UP Town Center in Quezon City, Ayala Feliz in Marikina City, Ayala Macapagal and Blue Bay Walk in Pasay City. For more information, visit the official Rico’s Lechon Facebook page.
AIRTRAV Corp. (AirTrav PH), a local company that offers air charter services, has started flying its new sea plane from Manila to Clark and Puerto Galera.
Jacob S. Cusi, president of AirTrav PH, told reporters at the company’s press launch in Pasay City, the company aims to acquire a new amphibian plane in August or September and another one before the year ends.
Amphibian planes are a type of aircraft that may land on both land and water.
“The market is very good now that tourism is booming for the Philippines. It’s very high. Industry also in Clark, the commerce, it’s very good. We have a lot of tourists coming in from China, Korea, all over the world. It’s increasing every year,” he said.
Aside from fleet expansion, the company also plans to expand its destinations to Visayas within the year and to Mindanao by next year.
“Hopefully we could still expand by next year for further destinations down south. Hopefully also in Mindanao, by next year,” Mr. Cusi said.
AirTrav PH used to offer only chopper services using a Robinson R-44 Raven II when it started operations five years ago.
In a statement, the company said it used to provide its services for ride-hailing company Uber Philippines for its Uber Chopper offer in 2015.
In March, it took delivery of its amphibian plane, the Cessna Grand Caravan 208. The eight-seater aircraft is its first and only sea plane. Mr. Cusi said the firm aims to fly at least 500 passengers using the Cessna this year.
Mr. Cusi added a brand new amphibian plane costs $3 million. “Based on our study, usually the average ROI (return of investment) of an aircraft, if you factor in your costs properly, usually it’s three to five years,” he noted. — Denise A. Valdez
By Paul Ng
MOST of the world’s fiber subscriptions come from developed Asia. In 2017, 73% of the world’s fiber-to-the-home (FTTH) subscribers and 48% of the world’s fixed broadband were in the Asia-Pacific region.
In the Philippines, the Department of Information and Communications Technology (DICT) has established the National Broadband Plan (NBP) to accelerate the deployment of fiber optic cables and wireless technologies across the country, to improve the Internet speeds and improve public access.
The turn to fiber is a result of burgeoning data demands caused by billions of connected devices driven by the Internet of Things (IoT). The bandwidth that connected a household five years ago is no longer sufficient to meet the increased broadband appetite of the modern household.
A ‘connected-everything’ world means that the pool of web-reliant devices in today’s household has expanded beyond smartphones and laptops to include home appliances and furniture, resulting in a greater number of Internet users adding to the data load.
To meet the relentless demand for robust connectivity, governments, businesses and operators worldwide have been switching from copper-based networks to optical fiber infrastructure. Optical fiber infrastructure has overtaken copper to become the popular standard around the world for supporting high-speed Internet, hence the term FTTH describes the installation and delivery of optical fiber from a central point directly to the premises. FIBER OPTICS VS COPPER
The high conversion rate to optical fiber in infrastructure projects is due to its greater capacity to deliver high speeds than copper-based infrastructure. Optical fiber cables deliver high signal bandwidth and low signal loss, resulting in faster data transmission rates.
Fiber optics is also considerably safer and more secure than copper cables. Besides the absence of metal conductors which eliminate the risk of shock hazards, fiber optics do not produce sparks or cause short circuits. The network is also immune to electromagnetic (EMI) and radio frequency interference (RFI), and does not produce radiation. An added advantage is the difficulty in tapping into the system undetected, providing unparalleled network security. OVERCOMING SPACE CONSTRAINTS
Many network operators seeking to roll out advanced FTTH services are hindered by disruptive installation pathways, space constraints, and expensive civil works and deployment costs. The World Bank reported that an obstacle to infrastructure expansion plans in the Philippines is the dire need to update its national urban development framework, and strengthen its land administration system.
Thus, utilizing available space efficiently is critical for the Philippines. This means maximizing existing ducts that are already crowded with cables and installing new conduits that support dense fiber deployment to provide the higher data rates and lower latency needed for the expanding subscriber base.
One of the most notable innovations in optical fiber design recently has been the reduction of the outer coating diameter from the established value of ~250 µm down to ~200 µm. The resulting drop in the fiber cross-sectional area of approximately 30% significantly reduces the size of cables, leading to the advent of micro cables with higher fiber density than previously possible.
The smaller size of micro cables allows installers to make the best use of existing ducts that may already be crowded with cables. A crowded duct, that might previously be considered full, can accommodate micro cables into the limited space available and obviate the need to install new ducts. Even if a new duct is necessary, it requires less physical space than before because the smaller micro cables enable smaller microducts so more can be packed in the same array. Smaller diameter, high fiber-density micro cables offer lower duct utilization and highbend-resistance, maximizing pathways and space utilization. This not only allows the operator more headroom to grow capacity in the future, or may even be leased to other operators to generate more revenue immediately. As such, the limited space is used more efficiently and expansion can be achieved without large capital investment or the disruption of re-digging trenches, for example.
With micro cables, the installation process is accelerated by the lightweight nature of micro cables, as they can be stored and transported on smaller, lighter drums that are easier to unload and install.
In Bangkok, telecommunications distributor JUN Thailand was approached by a commercial multi-dwelling unit (MDU) owner to assist with upgrading the building’s aging network. Corning deployed a fiber infrastructure with pre-connectorized FTTH solutions in the 18-storey building to meet the building customers’ bandwidth and network speed requirements, completing the FTTH installation within one day with virtually no disruption to tenants and their businesses. Future-ready, fast. SCALABILITY OF FIBER INFRASTRUCTURE FOR THE FUTURE
For building owners, a key consideration in fiber infrastructure planning is scalability to meet future increases in network speed and bandwidth demand. It’s no easy task to deliver seamless bandwidth capacity every time you need more provisioning and increased service velocity. As technology evolves and we progress into a connected-everything world, scalability ensures the infrastructure is able to deliver growth as needed, without impacting total cost of ownership (TCO).
As the world becomes increasingly digitized and we rely on our connected devices to perform a diverse range of tasks from video-streaming to booking an Uber ride to accessing mission-critical services, the demand for faster and reliable network connectivity is relentless. Micro cabling solves the demand for today’s unlimited bandwidth capacity and addresses escalating network duct congestion. Up to 50% smaller than standard loose tube cables and offering high-fiber-counts in a small cable diameter footprint, micro cables deliver faster possible deployments and time-to-revenue. Operators that need big, well-skilled fiber install teams to roll out their large-scale network deployment projects can now realize significant savings on these expensive resources.
Paul Ng is the marketing manager for Southeast Asia at Corning Optical Communications. The author’s views and opinions are his own and do not reflect those of the BusinessWorld editorial team and the owners.
By Arjay L. Balinbin, Reporter
“So what do you want?”
This was the question asked on Wednesday by President Rodrigo R. Duterte to exiled communist leader Jose Maria C. Sison after the latter postponed his plan to return to the Philippines for the resumption of peace talks between the communist rebels and the government.
“I said, I would talk to the enemies of the state. Oh, ayan nakikiusap ako kay (I am pleading with Mr.) Sison. He blows hot and cold. He wants to come home, but he does not want to come home,” the President said in his speech in Iloilo City on Wednesday evening, June 20.
He added: “So what do you want? You want to overthrow my government and the existing establishment? Eh, you come here and talk, tayo mag-usap (let’s tak). I will pay for your plane fare; I will billet you in a hotel… I’m giving both of us 60 days, a very small window for us to talk.”
ABS-CBN News reported on Tuesday, June 19, that Mr. Sison was scheduled to return to the Philippines “in August.”
But in a social media post, Mr. Sison said: “I will not return to the Philippines earlier than the completion and signing of the Comprehensive Agreement on Social and Economic Reforms by the negotiating panels in a foreign neutral venue. That cannot be in August anymore because Duterte has upset the work schedule of the panels by canceling the resumption of formal talks in Oslo from June 28 to 30.”
If the President continues to prevent the peace negotiations, Mr. Sison said he can also postpone his return “until the Filipino people succeed in ousting the tyrant Duterte from power.”
By Arjay L. Balinbin, Reporter
President Rodrigo R. Duterte said on Wednesday, June 20, that he is currently reviewing the shortlist of aspirants for the next Ombudsman whom he described as “men” who are “unshakable.”
Last month, Mr. Duterte said he will not choose politicians, especially “a woman,” to succeed Ombudsman Conchita Carpio-Morales who is set to retire next month.
“I have a shortlist. Men [who are] ano talaga — unshakable. Pero (But) I have to talk to a lot of people. May (There are) judges and lawyers and the entire gamut of the crowd sa gobyerno (in government). I hope everything will — nama-correct natin ‘to (so that we can correct this),” the President said in his speech at the 2nd Quarterly National Executive Officers and National Board Meeting and Continuing Local Legislative Program held in Iloilo City on Wednesday evening, June 20.
The President also took a swipe at Ombudsman Morales. “Si [Ms.] Morales… One day, I will show it to you the DAP (Disbursement Acceleration Program) na hindi niya ginalaw (that she did not touch). We’ll publish it,” he said.
But on the same day, the Office of the Ombudsman announced that Ms. Morales has indicted former president Benigno S. C. Aquino III in connection with the controversial DAP during his term.
“[Ms.] Morales found probably cause to indict former president Benigno Simeon Aquino III for Usurpation of Legislative Powers under Article 239 of the Revised Penal Code (RPC) over the controversial Disbursement Acceleration Program (DAP),” the Public Information and Media Relations Bureau of the Office of the Ombudsman said in a statement.
The Ombudsman has also indicted former budget secretary Florencio B. Abad “for the same offense and his administrative liability.”
TOP JAPANESE banks have expressed their interest in participating in the Philippines’ return to the yen debt market following a meeting with the Finance department in Tokyo.
In a statement, the Department of Finance (DoF) said that Finance Secretary Carlos G. Dominguez III met with officials of Daiwa Securities Group Inc., Mitsubishi UFJ Financial Group (MUFG), Nomura Holdings, Inc., Mizuho Financial Group, and Sumitomo Mitsui Banking Corp. (SMBC), and all have expressed interest in the upcoming bond issuance.
“We can expect strong demand. And of course, now the investors are looking for places to invest. Now for samurai bonds, there will be strong demand,” Daiwa President and Chief Executive Officer (CEO) Seiji Nakata was quoted by the DoF as saying.
“We are right behind you, so no need to worry,” he added.
MUFG Deputy Chairman Saburo Araki was quoted as saying: “We are extremely supportive of the bond issue… We are very excited and pleased for the inauguration or possible issuance.”
He added that Japanese investors have “strong confidence in the Philippines now and into the future,” citing the “good relationship” between both country’s leaders.
The government hopes to offer about $1 billion worth of yen-denominated securities by September or October.
It has started to secure necessary approvals from regulators here and in Japan, and has already conducted an economic briefing on Tuesday led by the country’s economic managers, the central bank governor, and other Cabinet officials.
According to the DoF, the upcoming samurai bond float will be the ninth offered by the Philippines, but will be the first without any guarantee from a Japanese institution.
The previous sale of yen-denominated notes was in 2010 where the government raised 100 billion yen in 10-year paper via private placement at a 2.32% coupon. The Japan Bank for International Cooperation guaranteed 95% of the issuance through its Market Access Support Facility — which was established to assist Asia’s developing countries in accessing international capital markets following the global financial crisis of 2008.
No guarantee fees mean lower financing costs for the government, the DoF said.
The DoF added that MUFG also indicated its interest in participating in the government’s infrastructure program with Mr. Araki saying: “infrastructure development is a key for the future success of the Philippines.”
Mr. Dominguez, meanwhile, responded by touting the government’s stronger tax collections due to the tax reform.
“We are now confident that our infrastructure program has enough capital for it. We are not going to be relying solely on debt to finance it,” he said.
The DoF added that Nomura Holdings President and CEO Koji Nagai told Mr. Dominguez that the bank seeks to “capture the most favorable conditions” for the Philippines’ upcoming offer.
“Not only the government, but also the private sector wants to invest in your country… By collaborating, the government and private sector can do a lot,” he said.
Meanwhile, the DoF said that Tatsufumi Sakai, president and group CEO of Mizuho Financial Group “cited the Philippines’ recent investment-level rating upgrades, its strong economy and young skilled work force as plus factors for the “samurai” bond issuance and the continued interest of Japanese investors in the country.”
SMBC President and Group CEO Takeshi Kunibe said that the “strong leadership” in the Philippines and the “expansion of the Philippine economy” has made the country “very popular among Japanese investors.”
He added that the bank is also looking forward to “a successful deal” when the Philippines issues yen debt.
Mr. Dominguez said that he hopes the Philippines obtains favorable rates on the samurai bond issue, similar to its previous offshore deals.
He recalled that the $2 billion worth of 10-year dollar-denominated bonds in January was only 37.8 basis points (bps) above the equivalent US Treasuries, while the 1.46-billion renminbi “panda” bonds had an even tighter spread of 35 bps over the benchmark.
Sought for comment, a trader said in a phone interview that the samurai bond offer has a good chance of oversubscription given its relatively small volume.
“There is demand on the Japanese side. The chances of the offer being oversubscribed are high, and rates are low in Japan,” he said.
“The Philippines has good economic fundamentals and is above investment-grade. So Japanese investors will look at that,” he added.
The government raised the share of its foreign borrowing portfolio to 35% from 26% initially planned and 20% last year, in a bid to tap favorable interest rates overseas and diversify its financing base.
From 2019 to 2022, however, the share of loans borrowed externally will fall to 25%.
The government plans to borrow a total of P888.23 billion this year. — Elijah Joseph C. Tubayan
